Crypto Analysis | SPS Bottom Finally Reached? 1$ Target
Good day Hiveians!
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It's been a really long wait for SPS to bottom out
For some months I have been waiting for the breakout to occur, but SPS just kept falling. But two weeks ago the whole crypto market stabilized and SPS at 10 cents held. Since then SPS has gained over 30% and is currently at around 13 cents.
I have argued that once SPS stabilizes and gains upward momentum we should see a similar strong upward push like in October. As such, I made this chart which so far is holding up. Although price has been more flat than expected.
This is the current price action. Importantly, SPS has finally broken out of the downward trend and breached the the resistance coming from the downward pointing trend line. With almost no resistance at this level (from trend lines as well as horizontal resistances) I would expect SPS to reach 16 cents very soon. At this level we have the former support trend line which should act as a strong resistance.
Also note that the other resistance from the trend line of the previous double peak is converging on this spot soon as well. When this second resistance gets broken there will only remain the horizontal resistances at $0.24 and about $0.36.
As I am expecting the crypto market to peak in summer of 2022, I think SPS could reach $1 at that time. Although price could go much higher as the airdrop will end at that time as well and a lot more game developments are expected to be ready too!
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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In crypto since 2018 but still unfamiliar with these chart readings and patter indications. This post has enhanced my understanding a little bit further in positive direction, still don't understand the resistance you described here, though.
Would you mind suggesting me some good stuff/channels/books/blog etc in this regard.
I am using two easz wazs to assess resistances. The first one being trend lines, the other one horizontal resistances (where there is historical price stagnation)
I would recommend getting the books about Elliott waves (there are some free pdfs) first. The real way to learn, however, is by looking at the charts and trying to understand the movements which takes a lot of time and dedication
Appreciated. I beleive in echoing of knowledge within the brain. Though, I couldn't understand the first para but I have those words in my brain and when I'll further study the concept and Elliott Waves books they will echo in the brain and will give more sense to me, hopefully.
Thanks a lot.
Great analysis man, firstly, I haven't come accross your analysis for SPS before, except btc and all that. so the SPS airdrop coming to an end might mean something different for the price. Wow.
It may be a good time to invest in SPS as technical indicators suggest. It is 198 of 365 days of the airdrop today. When the airdrop end time is near, the SPS price can make a rally.
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